|
6. Summary of Individual Tax Increment Financing Districts 37 37 City of New Brighton, Minnesota`Tax Increment Financing (Redevelopment) District No. 32North Quadrant East SideDistrict Summary DetailsOriginal Modification 2008 Laws (Ch. 366)Approval Date 12/13/2005 ----Request for Certification 6/14/2006 -----Certification Date 4/19/2007 -----Decertification Date 12/30/2032 ---- 12/31/2036Prior Years Current Projected2021 2022 2023 2024 2025-2036Beginning Fund Balance (5,403,785) (5,274,522) (5,090,087) (4,617,999) (4,083,714)Original Budget Cumulative Modified Budget Projected over District TermTax increment revenue60,000,000 64,800,000 23,152,586 4,564,631 863,971 727,821 867,212 910,572 15,218,379 MVHC- - - - - Investment earnings1,000,000 1,048,000 (289,367) (287,673) (2,366) 671 - Special Assessments20,500,000 23,375,000 - - - Sales/lease proceeds- - 223,330 223,330 - Sale of property5,428,000 5,428,000 2,429,846 2,429,846 - Loan/advance payments- - - - - Grants4,600,000 4,600,000 - - - Other: Plan deposit- - - - - Other: Refund - - - - - Transfer In- - 1,990,331 1,990,331 - Estimated Tax Increment Revenues 91,528,000 99,251,000 27,506,725 8,920,465 861,606 728,492 867,212 910,572 15,218,379 Land/building acquisition11,900,000 11,900,000 14,299,677 14,008,333 233,075 58,269 - Site improvements/preparation costs- 8,600,000 4,838,660 4,819,488 11,251 7,921 - Utilities3,700,000 3,700,000 - - - Other qualifying improvements12,176,000 11,700,000 2,969,106 2,969,106 - Construction of affordable housing- - - - - Temporary ED- - - - - Authority Admin6,000,000 6,480,000 2,292,001 2,292,001 - - - County Admin- - 16,547 14,528 1,171 849 - Other qualifying improvements- 476,000 - - - Transfer Out- - - - - Estimated Tax Increment Project Costs33,776,000 42,856,000 24,415,991 24,103,456 245,496 67,039 - - - Interest expense31,000,000 33,020,000 1,681,693 1,249,689 58,724 55,253 51,670 47,967 218,390 Total64,776,000 75,876,000 26,097,684 25,353,145 304,220 122,292 51,670 47,967 218,390 Bonds 20,500,000 23,375,000 Surplus / (Deficit) 6,252,000 - Bond Principal Payments(3,046,256) (942,206) (131,650) (134,300) (139,850) (143,600) (1,554,650) Bond Proceeds Original9,758,376 9,758,376 - Bond Proceeds Refunding- - - Bond Premium/(Discount)5,227,647 5,227,647 - Net Bond Payments11,939,767 14,043,817 (131,650) (134,300) (139,850) (143,600) (1,554,650) Interfund Interest4,535,773 3,014,922 296,472 287,466 203,603 184,720 548,589 Total Interfund Payments4,535,773 3,014,922 296,472 287,466 203,603 184,720 548,589 Projected Ending Fund Balance8,813,036 (5,403,785) (5,274,522) (5,090,087) (4,617,999) (4,083,714) 8,813,036
|